4 Ways Insurance Transcription Helps Adjusters

/0 Comments/in /by Karla Ellison

In the insurance industry, time is money. Thus, it is important for claims representatives to have the right tools and processes to make their job as easy and efficient as possible. One way this is done is by having access to a recorded statement transcription service. Here are four ways insurance transcription helps adjusters.

#1: Save Time

One of the most obvious ways insurance transcription helps adjusters is by saving them time. Looking back through a verbatim account of a recorded statement to find certain details is often easier and more efficient that having to listen to an audio file. Furthermore, it allows managers and fellow team members who might be taking over a file the ability to catch up to what has already been reported without having to listen in real time. For companies that shift claims cases around various departments on a regular basis, having this type of record on file is essential to effective time management.

#2: Catch Discrepancies

Utilizing a secure transcription service also helps adjusters by allowing them to catch discrepancies. If a file warrants multiple recorded interviews with either an insured or claimant, the transcript documents can be compared for both glaring and small differences. In situations where fraud is suspected or the situation is quit unique, determining whether or not details match up can be a very vital part of the discovery process.

#3: Have a Complete File

Recorded statement transcription also helps adjusters by allowing them to have a complete claims file. In situations where a claim is either going to litigation or requires further inspection by a legal team, having the transcription versus only an adjuster’s notes can help a legal team get a full picture of the case at hand. In certain scenarios, this can mean the difference between a file being handled one way versus another.

#4: File Arbitration

Arbitration Forums is a membership-driven, non-profit organization that helps insurance companies settle various claims disputes among each other. Both sides have the opportunity to present its case before an appointed arbitrator and the decision made becomes legally binding. While this process is often an excellent way for carriers to save money and eliminate the need to file in court, there is one caveat to the process—they do not accept recorded audio as part of a case file. In order to present an insured or claimant’s statement verbatim, it must be in a transcript format.

While these are just a few of the many ways insurance transcription helps adjusters, they are certainly four of the most important. For more information on our services, please contact our team at Allegis Transcription today.

5 Perks of Utilizing Recorded Statement Transcription

/2 Comments/in /by Tyler Marshall

There’s no doubt that insurers who handle a large claim volume are always looking to improve their processes and increase productivity. One way to do this is by utilizing an insurance transcription company to handle transferring all recorded statements to verbatim text.

Here are five perks of recorded statement transcription and working with a reputable partner when doing so.

Perk #1: Helpful for Arbitration Files

If your company sends any claims files to arbitration, having a solid recorded statement transcription provider is helpful. Those who review cases for Arbitration Forums cannot listen to recorded audio to make their determination. Thus, if you want the information provided during the call to count towards evidence of your position, you must have a transcript in the file.

In some circumstances, having this document can mean the difference between winning and losing a case simply because it provides a firsthand account of accident events. Many companies have had to pay out thousands of dollars on arbitration files that they may have never lost if they had included a recorded statement transcription as part of their response.

Perk #2: A Good Way to Detect Fraud Indicators

Another perk of having insurance transcription done on your recorded statements is that it makes detecting fraud just a bit easier. In some instances where an adjuster might think something odd is up but cannot prove it, they will often have multiple different interviews with the same party to see if their story changes in any way. These audio recordings can then be transcribed into verbatim text documents, which allows the claim handler the opportunity to compare printed copies side by side.

In addition, if fraud is determined and the case goes to law enforcement, the transcription documents can be used by the court system as evidence. This is a huge deal for major insurance companies trying to mitigate loss and prevent insurance fraud perpetrators from becoming repeat offenders.

Perk #3: Offers a Way to Have a Complete File

Having a complete file is vital when it comes to claims handling. Recorded statement transcription ensures that any audio files are transferred into verbatim textual form, allowing an adjuster to cite or reference certain information in their notes.

In some cases, having a quality transcription allows a liability examiner the opportunity to catch important details that may not have sounded pertinent on the phone, but make a large difference in their final decision as to who is at fault for an incident.

Perk #4: Saves Time for Adjusters

Another perk of working with a top-notch recorded statement transcription provider is that it greatly saves time for adjusters. Where some departments used to have individual adjusters or single, assigned individual to transcribe audio recordings, utilizing an outside partner eliminates the need and allows time for other things. For mid-level or large claims departments, this time savings is vital.

Perk #5: Great for Transferring of Files Between Claims Departments

There are a multitude of reasons why a claims file might be transferred between different departments and/or adjusters. Job promotions, escalation of claims severity, or even additional file review could send a claim to a person who has never seen the facts of the case before.

Having a quality recorded statement transcription is a great way to give a new adjuster all the information they need in a timely fashion. Instead of spending hours pouring over case notes or trying to listen to audio recordings, everything is available in a handful of text documents.

Of course, these are just a few of the benefits of utilizing transcription for your claims audio files and recorded statements. Can you think of any more?